New Straits Times
MAYBANK GETS FULL S’PORE LICENCE
Lender gains nod to locally incorporate community financial services business
MALAYAN Banking Bhd (Maybank) says the Monetary Authority of Singapore (MAS) has granted approval to locally incorporate its community financial services (CFS) business in the republic.
MAS had issued a full banking licence with Qualifying Full Bank privileges to wholly-owned Maybank Singapore Ltd (MSL), said the group in a statement yesterday.
Group president and chief executive officer Datuk Abdul Farid Alias said Maybank had been operating in Singapore since 1960, beginning with retail banking, and over the years had transformed into a universal bank.
“Our local incorporation now signifies a further deepening of our commitment to our customers and communities in Singapore. It is also part of Maybank’s overall strategy to accelerate our growth plans and business presence in the republic,” said Abdul Farid.
“As one of the largest banks in Southeast Asia with a footprint in all 10 Asean countries, we value Singapore as one of our three home markets, and remain committed to its long-term economic growth and prosperity,” he added.
Subjected to approval from the Singapore High Court, Maybank Singapore will transfer its CFS business, namely the retail (personal banking, privilege wealth, premier wealth), private wealth, small and medium enterprise retail banking and commercial banking business via a scheme of transfer to MSL, with effect from November 5.
MSL will operate as a subsidiary of Maybank Group with Asian currency unit capabilities in Singapore.
MSL customers will enjoy the same quality of products and services with access to banking services at 27 service locations, including 20 retail branches at various locations in Singapore, as well as more than 3,800 automated teller machines across the entire group network.
Maybank will, however, continue to operate its corporate and institutional business through its global banking business separately for corporate customers.